Closing Procedures and Financial Statements

SESSION OPTIONS:
November 2, 2020 through November 27, 2020
 
Price: $195
 

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Course Overview

This course shows participants how to create a worksheet used to adjust the account balances and prepare the financial statements. Use the financial statements to measure performance, make improvements and set goals. The final step covered in this course is closing the books and preparing them for the next accounting period; this is done by journalizing and posting closing entries. 

Course Outcomes

Upon completion of this course, participants will be able to:

  • Prepare a worksheet used for accumulating and sorting information needed for the financial statements
  • Prepare and Income Statement
  • Prepare a Balance Sheet
  • Prepare a Statement of Changes in Owner’s Equity
  • Post closing entries for the accounting period

Course Objectives

  • Participants will be able to prepare a worksheet that shows the unadjusted trial balance, adjustments, adjusted trial balance, and columns for financial statements
  • Participants will learn how to use the worksheet to prepare the Income Statement and the Balance Sheet
  • Participants will be able to prepare and post-closing entries so that the books are ready for the next accounting cycle

Agenda

Unit One – Prepare a Worksheet

  • What is a worksheet
  • Columns included in the worksheet
  • Completing each column

Unit Two – The Income Statement

  • Review the worksheet columns for the Income Statement
  • Prepare the income statement
  • Determine a profit or loss

Unit Three – The Balance Sheet

  • Review the worksheet columns for the Balance Sheet
  • Prepare the balance sheet

Unit Four – Closing Entries and Statement of Changes in Owner’s Equity

  • Prepare post-closing entries for revenue and expense accounts
  • Prepare a statement of changes in owner’s equity
  • Applying year-end steps monthly or quarterly